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<p align="center"><font size="+2"><strong>Velocityme Meeting 2</strong></font><strong></strong></p>
             
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            <th valign="top" bgcolor="#cccccc">Date<br>
            </th>
            <th valign="top" bgcolor="#cccccc">Venue<br>
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            <th valign="top" bgcolor="#cccccc">Present<br>
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            <th valign="top" bgcolor="#cccccc">Apologies<br>
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            <td valign="top">2002-08-13        </td>
            <td valign="top">22 Bordeaux<br>
    Tokai<br>
            </td>
            <td valign="top">Robert Crida (RC)<br>
      Barry Radloff (BR)<br>
      Roy Emmerich (RE)<br>
    David Spencer (DS)<br>
    John Spence (JS)<br>
            </td>
            <td valign="top">None<br>
            </td>
          </tr>
                       
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          <td bgcolor="#c0c0c0"><b>Topic</b></td>
     <td bgcolor="#c0c0c0"><b>Responsible person</b></td>
     <td bgcolor="#c0c0c0"><b>Due date</b></td>
        </tr>
     <tr valign="top">
          <td colspan="3"><strong>Confirmation/Alteration of Previous Minutes</strong></td>
        </tr>
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          <td>The minutes from the previous meeting (6 August 2002) were
accepted.</td>
     <td>All</td>
     <td><br>
          </td>
        </tr>
     <tr valign="top">
          <td colspan="3"><strong>Finances</strong></td>
        </tr>
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          <td>It was decided that there will be no pooling of finances. If
 anybody  needs to purchase  equipment the slips must be kept and the money
 can be offset against tax if a company is formed.</td>
     <td><br>
          </td>
     <td><br>
          </td>
        </tr>
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          <td colspan="3"><strong>Personal Issues</strong></td>
        </tr>
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          <td>DS is anticipating a very busy period in the next eight months 
 and is worried that he will not have enough time to devote to the project. 
 He expressed his reluctance to sign a contract. BR made it clear that there
  is no "lock in" as the project is still in its infancy. He suggested that
  DS sign the non-disclosure agreement and remain part of the group on a
consulting   basis, except that no payment will be forthcoming.         
                    
      <p>RC was adamant that the remainder of the year would be spent investigating
  the viability of the venture and that time constraints won't be too onerous.
  His year long sojourn to England is not a foregone conclusion and could
be  shifted pending a decision regarding the project.</p>
          </td>
     <td><br>
          </td>
     <td><br>
          </td>
        </tr>
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          <td colspan="3"><strong>Non-disclosure/Restraint of Trade agreement</strong></td>
        </tr>
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          <td>The agreement was drawn up and signed by all parties present.</td>
     <td><br>
          </td>
     <td><br>
          </td>
        </tr>
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          <td colspan="3"><strong>Product Search</strong></td>
        </tr>
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          <td>It was agreed that each member would conduct their own web
search   for similar products currently on the market, choose three and submit
their   choices to RC via email.</td>
     <td>All</td>
     <td>2002/08/19</td>
        </tr>
     <tr valign="top">
          <td colspan="3"><strong>Business Proposals</strong></td>
        </tr>
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          <td>We were very pleased to have JS present to talk to us about 
planning  a business. He stipulated that there are a number of steps to follow 
when  starting a business:</td>
     <td><br>
          </td>
     <td><br>
          </td>
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          <td>Each member should conduct an analysis of their personal vision,
  goals, expectations and resources.</td>
     <td>All</td>
     <td>2002/08/20</td>
        </tr>
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          <td>These should then be combined into a company mission and vision
  which should be specific. Vision = what we're trying to attain. Mission
=  how we're going to get there.</td>
     <td><br>
          </td>
     <td><br>
          </td>
        </tr>
     <tr valign="top">
          <td>Business Plan                                      
      <ul>
                                           
        <ul>
         <li>Service/product based?</li>
         <li>Target market? Potential customers? Local or international?</li>
         <li>Short/medium/long term goals?</li>
         <li>Partnership resources (strengths, weaknesses, skills, knowledge,
  preferences, capital, physical assets)?</li>
         <li>Establish portfolios.</li>
         <li>Human resource policies.</li>
         <li>Copyrighting (local, international, cost)?</li>
         <li>Establish actions and their timing.</li>
                                         
        </ul>
                               
      </ul>
          </td>
     <td>    <br>
          </td>
     <td><br>
          </td>
        </tr>
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          <td>Time was spent discussing the formation of a closed corporation 
  (cc). JS mentioned a few salient points:                              
      <ul>
                                           
        <ul>
         <li>Very cheap and easy to register a cc.</li>
         <li>It's a standalone entity as opposed to a partnership.</li>
         <li>Only a bookkeeper is necessary as no audits are required.</li>
         <li>As long as the gross turnover is less than R600 000/annum you
 don't  have to register for VAT.</li>
         <li>All members will have to register as provisional tax payers.</li>
         <li>Draw a small salary but charge as much as possible to the company
  to reduce tax payments.</li>
         <li>Authorisation limits must be set (who can do what).</li>
                                         
        </ul>
                               
      </ul>
          </td>
     <td>    <br>
          </td>
     <td><br>
          </td>
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          <td>Reference was made to the "Abolene Paradox." Each member should
  be given adequate opportunity to express their feelings to prevent the
group   getting caught up in hysterical frenzies, especially when they don't
agree   with a decision.</td>
     <td><br>
          </td>
     <td><br>
          </td>
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          <td colspan="3"><strong>Miscellaneous</strong></td>
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          <td>Meetings should start and stop on time.</td>
     <td>All</td>
     <td><br>
          </td>
        </tr>
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          <td>A specific agenda should be drawn up before each meeting. Points
  to be submitted to RC by 14h00 each Monday. BR suggested time allocation
 for each point of discussion.</td>
     <td>All</td>
     <td>14h00 on 2002/08/19</td>
        </tr>
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          <td>It was agreed that minutes should be distributed within 48
hours   of each meeting.</td>
     <td>RE</td>
     <td>2002/08/15</td>
        </tr>
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          <td>The issue of % split of the company vs a % split per project
 was  brought to the table and it was decided to leave this issue for a later 
 date.</td>
     <td>All</td>
     <td><br>
          </td>
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        <th valign="top" bgcolor="#cccccc">Author<br>
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        <th valign="top" bgcolor="#cccccc">Date<br>
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        <th valign="top" bgcolor="#cccccc">Next meeting<br>
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        <th valign="top" bgcolor="#cccccc">Venue<br>
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      <tr>
        <td valign="top">Roy Emmerich<br>
        </td>
        <td valign="top">2002-08-15<br>
        </td>
        <td valign="top">2002-08-20<br>
        </td>
        <td valign="top">13 Pearson Road, Tableview<br>
        </td>
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